Sovryn will use the raised funds to build a global financial ecosystem for personal sovereignty.
Sovryn, a Bitcoin-native decentralized trading and lending platform, announced in a press release on Wednesday, October 12 that it has raised $5.4 million in its latest funding round.
The funding round was led by General Catalyst, according to a press release shared with Coinjournal. The company will use the proceeds from the funding round to expand its global financial operating system designed to provide individuals around the world with personal self-sovereignty and financial autonomy.
Collider Ventures, Bering Waters, Bollinger Investment Group, and Balaji Srinivasan are among the other investors who participated in the latest funding round.
Commenting on this funding round, General Catalyst Managing Director Kyle Doherty said:
“We believe the team at Sovryn has the technical capabilities and community to build a product that really lives up to the promise of DeFi by bringing DeFi to the dominant network, Bitcoin. is philosophically aligned with the goals of the Bitcoin and Sovereign networks to empower people, promote personal freedom, and achieve broader financial inclusion.”
Sovryn explained that the funding round will come ahead of the launch of the Zero protocol. Zero is a highly innovative lending product that allows a user to borrow a 0% interest loan with Bitcoin as collateral, with no repayment or maturity date for the loan. Loans are interest free forever and users decide when to repay. The early access waitlist for Zero is now live, he added, Sovryn.
Sovryn core contributor Edan Yago added:
“Sovryn is a user-owned cooperative that develops open source code that enhances individual freedoms around the world. There are no corporations, foundations or non-profits behind Sovryn. is changing how it invests to support Sovryn’s mission.”
This cryptocurrency news comes at a time when a bear market continues to affect the prices of most coins and tokens. It shows the confidence these investors have in our ability to grow beyond mere stores of value and create tools for financial sovereignty, he added.
Doherty further stated:
“Our intention is to help grow the Sovryn ecosystem, actively participate in Bitocracy, and be a beneficial member of the Sovryn community. There is an incredible opportunity to pursue investments that will enable and build on Bitcoin and Satoshi’s original vision. With the desire for DeFi on other blockchains, Sovryn is fulfilling that desire with Bitcoin and empowering people to take financial control of their lives.”
Sovryn is a Bitcoin native DeFi platform owned and managed by the community. The DeFi platform is built on the Bitcoin blockchain, uses BTC as the primary currency of exchange, and provides decentralized and autonomous finance at scale.